Bausch & Lomb
This article was originally published in The Tan Sheet
Executive Summary
Lens care sales fell 26%, U.S. revenues slipped 31% to $161.5 mil. during second quarter, firm announces July 19. Total sales down 9.1% to $414 mil. despite 31% improvement in Europe; net income plummets 80.3% to $6.8 mil. While predicting improved results for 2002, company notes it will continue to hold off on lens care promotions to reduce excess inventories to match actual consumer demand. Also, former Chairman/CEO William Waltrip to resume chairmanship as current Chair/CEO William Carpenter focuses on chief executive duties